Deploying NFTs on the Ethereum blockchain seems to be the norm at this point, but it may not be sustainable. This calls for an urgent rethink and innovation as an alternative to the Ethereum blockchain. One more efficient alternative could be TRON, which has recently released their own NFT protocol.
Before we explore why deploying NFTs on Ethereum may not be sustainable, let’s understand what an NFT is.
What Are Non-Fungible Tokens (NFTs)?
NFTs are a special type of cryptographic token that represent something unique. It is the latest red-hot topic in the crypto space. Since NFTs are unique, they are not mutually interchangeable. Cryptocurrencies like Bitcoin, Ethereum, etc., are fungible and are, therefore, mutually interchangeable. The primary use of these non-fungible tokens is to create verifiable digital ownership. There is also the possibility of asset interoperability across different platforms.
Reasons Why NFTs on Ethereum Are Not Sustainable
Now that we have understood what NFTs are, let’s consider why they may not be sustainable on the Ethereum blockchain. The main reason is the high energy consumption and environmental cost of creating a single NFT. Although energy consumption numbers vary, creating NFTs on the Ethereum blockchain consumes an unprecedented amount of energy that cannot be sustained long-term.
Some experts say the energy consumption of these NFTs is equivalent to a week or even months of an average US citizen’s energy consumption. This is outrageous by any standard, and there is no practical way to sustain such activity.
TRON Presents Viable NFT Option
There are two practically feasible solutions to the high energy consumption of NFTs on Ethereum. It is either we create a better alternative to the Ethereum blockchain or find a way to reduce its high energy consumption. Anything outside these two options may not get the job done while protecting our finite resources.
With low fees, reduced energy demand, and massive USDT volume, TRON can be a solid NFT alternative to Ethereum.